"Support for Vulnerable and Delinquent Mortgage Borrowers"... KakaoBank Partners with KAMCO

Overdue Mortgage Loan Claims Transferred to KAMCO
Right to Repurchase Granted After Tenant Residence Following Home Sale

[Asia Economy Reporter Minwoo Lee] KakaoBank is partnering with Korea Asset Management Corporation (KAMCO) to support the recovery of vulnerable and delinquent mortgage borrowers.

KakaoBank announced on the 30th that it has signed a 'Regular Acquisition Agreement for Delinquent Mortgage Claims' with KAMCO. This is a concrete follow-up measure to the 'Business Agreement for Successful Recovery Support of Vulnerable and Delinquent Borrowers such as House Poor' signed on November 15 last year.

Accordingly, when a mortgage loan becomes delinquent, KakaoBank will regularly transfer the claims to KAMCO and provide various support programs such as sales and leaseback after home sale and debt adjustment to the debtors.

Mortgage debtors can settle their debts with the proceeds from selling their homes to KAMCO after the transfer, live as tenants, and be granted the right to repurchase the home. They can also receive support through debt adjustment programs including low-interest debt adjustment rates and long-term installment repayment plans of up to 33 years.

Additionally, KakaoBank and KAMCO have computerized and automated all processes related to the transfer and acquisition of delinquent claims in a paperless manner. A KakaoBank official said, "Through this agreement, we plan to support the practical housing stability of vulnerable and delinquent mortgage borrowers at KakaoBank," adding, "We will continue to expand efforts for inclusive financial support."

This content was produced with the assistance of AI translation services.